Emaar profit seen hit by Dubai Bank write-off

Emaar Properties said it will write off its investment in Dubai Bank, valued at about 172 million dirhams ($46.8 million), a move expected to further erode the company’s profits in the short-term, analysts said.
The decision comes after the Dubai government announced on Monday that it would take over the troubled Islamic lender, thereby completely diluting the holdings of Dubai Bank’s current shareholders……………………………………….Full Article: Source